Investors continue to allege that their losses were caused in part by the bad sales practices of McNally Financial Services Corporation securities broker Mark Kemp (CRD#: 2057200, Corpus Christi, Texas). Notably, the FINRA BrokerCheck Report for Kemp shows that nine or more of his clients formally contested his sales practices. These investors’ disputes, which concern Kemp’s allegedly negligent and deceptive behavior, are summarized below:
McNally Client Indicates Mark Kemp Engaged In Negligent, Deceptive Behavior
Evidently, on February 27, 2019, a client of McNally Financial Services Corporation brought FINRA Arbitration #: 19-00603. The client’s Statement of Claim reportedly makes allegations of negligent and deceptive behavior on Mark Kemp’s part. Supposedly, Kemp unreasonably and imprudently recommended or sold investments to the client. Not only that, but the client indicated that Kemp made false or erroneous statements which misled the client. For this reason, the client demands compensation of up to $500,000 in this ongoing matter.
Kemp Allegedly Breaches Fiduciary Duty Owed To McNally Financial Services Client
A client of McNally Financial Services Corporation brought FINRA Arbitration #: 17-03103 on November 17, 2017. Namely, the client suggested that Mark Kemp engaged in dishonest and deceptive actions which caused the client to experience investment losses. Kemp allegedly misrepresented information relating to one or more securities positions which the client held. Moreover, the client stated that Kemp failed to comply with his fiduciary responsibility and placed his interests ahead of the client’s interests. Because of this, on December 20, 2018, McNally compensated the client to resolve the matter.
Prior Investor Disputes Suggest Mark Kemp Made Unsuitable, Unauthorized Transactions
FINRA BrokerCheck shows that one or more additional clients alleged that Mark Kemp engaged in unauthorized trading, failed to follow client instructions, recommended investments that were unsuitable, and even lied about securities. Some investors particularly took issue with Kemp’s sales of variable annuities and Word Home Industries. Altogether, investors’ disputes about Kemp settled through payments of more than $1,500,000.
Have you experienced losses by investing with Mark Kemp? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.